Fissures Appear
In China Revamp
Of Equity System

HONG KONG -- A rare boardroom dispute has broken out over the way a big Chinese company is dealing with the thorny issue of how to move massive piles of government-owned equity into the public share market.

Baoshan Iron & Steel Co. is among the first state-owned companies aiming to resolve the overhang of so-called nontradable shares held by government entities. The board of Baosteel, as the Shanghai company is known, in June...